How Much Can You Afford and Why?
This question can be answered right here at ratesarehot.com. Our prequalifying mortgage calculator and mortgage prequalification software will determine the amount you can afford and the amount you prequalify for. We use the most updated guidelines set forth by FNMA, Freddiemac and FHA/VA., USDA. We keep in close contact with our Lenders to make sure each individual potential homebuyer can be matched with the lender and program that best meets their criteria making the process easier and faster for both parties. We also tell you if you do not qualify and why, so that you can take the necessary steps in order to get mortgage ready. Here you can also find out an estimate of your mortgage payment and term. Knowing how much you can afford and qualify for is the most important first step in finding a house and applying for a mortgage. You immediately know the amount of house you are able to look for so you are not wasting time looking at houses you cannot afford sometimes leading to false hope and disappointment. Knowing yourself gives you power and incentive to start looking on your own. There are many online websites that give you resources to start looking for homes that are for sale in your area or the area you are interested in. Knowing what you qualify for instantly gives you the ability to get right onto these sites and start looking instantly. It’s as easy as 1,2,3. Getting prequalified has a lot to do with your current gross monthly income and employment status, your credit history and ability to save and make a down payment. No matter what your situation is, it’s nice to know you can honestly enter this information in the privacy of your own home and get an instant prequalification without the hassle of dealing with pushy sales people who may not be 100% honest. Having knowledge gives you the power to allow other lenders to compete for you. You can also play around with our software to find out how many loans or credit cards you need to pay off to qualify for a higher amount, or if you are receiving a bonus or a raise, find out if you can receive more of a loan based on that information. You can also find out how much you can save by putting more money down on the property or if you have the ability for a co-signer to receive more. You will love the software calculator. It is a great tool for you to find out which situation will best suit your needs. Then let our lenders do the rest.
